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Apellis Pharmaceuticals, Inc.（APLS）与南玻集团（CSGS）财务数据对比。点击上方公司名可切换其他公司
南玻集团的季度营收约是Apellis Pharmaceuticals, Inc.的1.6倍（$323.1M vs $199.9M），南玻集团净利率更高（2.2% vs -29.5%，领先31.7%），南玻集团同比增速更快（2.0% vs -5.9%），南玻集团自由现金流更多（$55.8M vs $-14.3M），过去两年Apellis Pharmaceuticals, Inc.的营收复合增速更高（7.7% vs 4.6%）
Apellis Pharmaceuticals是一家临床阶段生物制药企业，专注于开发调节补体系统的靶向疗法，适应症覆盖年龄相关性黄斑变性继发地图样萎缩等眼科疾病、罕见血液病及自身免疫性疾病，核心市场为美国及欧盟地区。
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
APLS vs CSGS — 直观对比
营收规模更大
CSGS
是对方的1.6倍
$199.9M
营收增速更快
CSGS
高出8.0%
-5.9%
净利率更高
CSGS
高出31.7%
-29.5%
自由现金流更多
CSGS
多$70.1M
$-14.3M
两年增速更快
APLS
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.9M | $323.1M |
| 净利润 | $-59.0M | $7.0M |
| 毛利率 | — | 50.0% |
| 营业利润率 | -25.6% | 9.0% |
| 净利率 | -29.5% | 2.2% |
| 营收同比 | -5.9% | 2.0% |
| 净利润同比 | -62.2% | -79.7% |
| 每股收益（稀释后） | $-0.40 | $0.24 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APLSCSGS
| Q4 25 | $199.9M | $323.1M | ||
| Q3 25 | $458.6M | $303.6M | ||
| Q2 25 | $178.5M | $297.1M | ||
| Q1 25 | $166.8M | $299.5M | ||
| Q4 24 | $212.5M | $316.7M | ||
| Q3 24 | $196.8M | $295.1M | ||
| Q2 24 | $199.7M | $290.3M | ||
| Q1 24 | $172.3M | $295.1M |
净利润APLSCSGS
| Q4 25 | $-59.0M | $7.0M | ||
| Q3 25 | $215.7M | $20.5M | ||
| Q2 25 | $-42.2M | $12.3M | ||
| Q1 25 | $-92.2M | $16.1M | ||
| Q4 24 | $-36.4M | $34.5M | ||
| Q3 24 | $-57.4M | $19.1M | ||
| Q2 24 | $-37.7M | $13.8M | ||
| Q1 24 | $-66.4M | $19.5M |
毛利率APLSCSGS
| Q4 25 | — | 50.0% | ||
| Q3 25 | — | 48.1% | ||
| Q2 25 | — | 49.5% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | 47.3% | ||
| Q1 24 | — | 46.5% |
营业利润率APLSCSGS
| Q4 25 | -25.6% | 9.0% | ||
| Q3 25 | 48.7% | 10.0% | ||
| Q2 25 | -18.6% | 10.0% | ||
| Q1 25 | -50.0% | 9.8% | ||
| Q4 24 | -12.3% | 13.4% | ||
| Q3 24 | -24.0% | 10.8% | ||
| Q2 24 | -14.7% | 8.8% | ||
| Q1 24 | -36.0% | 10.8% |
净利率APLSCSGS
| Q4 25 | -29.5% | 2.2% | ||
| Q3 25 | 47.0% | 6.7% | ||
| Q2 25 | -23.6% | 4.1% | ||
| Q1 25 | -55.3% | 5.4% | ||
| Q4 24 | -17.1% | 10.9% | ||
| Q3 24 | -29.2% | 6.5% | ||
| Q2 24 | -18.9% | 4.8% | ||
| Q1 24 | -38.5% | 6.6% |
每股收益（稀释后）APLSCSGS
| Q4 25 | $-0.40 | $0.24 | ||
| Q3 25 | $1.67 | $0.73 | ||
| Q2 25 | $-0.33 | $0.44 | ||
| Q1 25 | $-0.74 | $0.57 | ||
| Q4 24 | $-0.30 | $1.20 | ||
| Q3 24 | $-0.46 | $0.67 | ||
| Q2 24 | $-0.30 | $0.48 | ||
| Q1 24 | $-0.54 | $0.68 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $466.2M | $180.0M |
| 总债务越低越好 | — | $539.5M |
| 股东权益账面价值 | $370.1M | $283.7M |
| 总资产 | $1.1B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资APLSCSGS
| Q4 25 | $466.2M | $180.0M | ||
| Q3 25 | $479.2M | $158.4M | ||
| Q2 25 | $370.0M | $145.9M | ||
| Q1 25 | $358.4M | $136.0M | ||
| Q4 24 | $411.3M | $161.8M | ||
| Q3 24 | $396.9M | $118.4M | ||
| Q2 24 | $360.1M | $110.4M | ||
| Q1 24 | $325.9M | $120.8M |
总债务APLSCSGS
| Q4 25 | — | $539.5M | ||
| Q3 25 | — | $538.6M | ||
| Q2 25 | — | $537.8M | ||
| Q1 25 | — | $537.6M | ||
| Q4 24 | — | $538.5M | ||
| Q3 24 | — | $539.5M | ||
| Q2 24 | — | $540.5M | ||
| Q1 24 | $93.1M | $541.5M |
股东权益APLSCSGS
| Q4 25 | $370.1M | $283.7M | ||
| Q3 25 | $401.2M | $289.5M | ||
| Q2 25 | $156.3M | $290.7M | ||
| Q1 25 | $164.2M | $283.1M | ||
| Q4 24 | $228.5M | $282.6M | ||
| Q3 24 | $237.1M | $288.4M | ||
| Q2 24 | $264.3M | $273.3M | ||
| Q1 24 | $266.7M | $269.3M |
总资产APLSCSGS
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.5B | ||
| Q2 25 | $821.4M | $1.4B | ||
| Q1 25 | $807.3M | $1.4B | ||
| Q4 24 | $885.1M | $1.5B | ||
| Q3 24 | $901.9M | $1.4B | ||
| Q2 24 | $904.5M | $1.4B | ||
| Q1 24 | $831.9M | $1.3B |
负债/权益比APLSCSGS
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.86× | ||
| Q2 25 | — | 1.85× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | — | 1.91× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 1.98× | ||
| Q1 24 | 0.35× | 2.01× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-14.2M | $59.2M |
| 自由现金流经营现金流 - 资本支出 | $-14.3M | $55.8M |
| 自由现金流率自由现金流/营收 | -7.1% | 17.3% |
| 资本支出强度资本支出/营收 | 0.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 8.46× |
| 过去12个月自由现金流最近4个季度 | $45.0M | $141.4M |
8季度趋势，按日历期对齐
经营现金流APLSCSGS
| Q4 25 | $-14.2M | $59.2M | ||
| Q3 25 | $108.5M | $47.9M | ||
| Q2 25 | $4.4M | $37.3M | ||
| Q1 25 | $-53.4M | $11.5M | ||
| Q4 24 | $19.4M | $82.5M | ||
| Q3 24 | $34.1M | $39.5M | ||
| Q2 24 | $-8.3M | $43.1M | ||
| Q1 24 | $-133.0M | $-29.4M |
自由现金流APLSCSGS
| Q4 25 | $-14.3M | $55.8M | ||
| Q3 25 | $108.3M | $43.9M | ||
| Q2 25 | $4.4M | $34.6M | ||
| Q1 25 | $-53.4M | $7.1M | ||
| Q4 24 | $19.3M | $76.6M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | $-8.4M | $38.8M | ||
| Q1 24 | $-133.3M | $-34.1M |
自由现金流率APLSCSGS
| Q4 25 | -7.1% | 17.3% | ||
| Q3 25 | 23.6% | 14.5% | ||
| Q2 25 | 2.5% | 11.6% | ||
| Q1 25 | -32.0% | 2.4% | ||
| Q4 24 | 9.1% | 24.2% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | -4.2% | 13.4% | ||
| Q1 24 | -77.3% | -11.6% |
资本支出强度APLSCSGS
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 0.0% | 1.3% | ||
| Q2 25 | 0.0% | 0.9% | ||
| Q1 25 | 0.0% | 1.5% | ||
| Q4 24 | 0.0% | 1.9% | ||
| Q3 24 | 0.0% | 2.5% | ||
| Q2 24 | 0.0% | 1.5% | ||
| Q1 24 | 0.2% | 1.6% |
现金转化率APLSCSGS
| Q4 25 | — | 8.46× | ||
| Q3 25 | 0.50× | 2.34× | ||
| Q2 25 | — | 3.04× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 2.39× | ||
| Q3 24 | — | 2.07× | ||
| Q2 24 | — | 3.12× | ||
| Q1 24 | — | -1.51× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APLS
| Syfovre | $155.2M | 78% |
| Empaveli Pegcetacoplan | $35.1M | 18% |
| Licensing And Other Revenue | $9.6M | 5% |
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
